Sorta, it is actually 2 bearings and 4 races. It is like a hub kit in that there are inner and outer bearings with 1 separate race each and one more in each cone. In a unitized bearing set up, the races are integral to the two halves that press together.But ultimately i guess it's just a bearing and a race, and something has to keep them together.
This one is close, not 100% accurate but close enough to see how they do it.
